Richard Thaler may be able to build a “bridge between the economic and psychological analyses of individual decision-making,” as the Royal Swedish Academy of Sciences explained in awarding him the Nobel Prize.

And perhaps “his empirical findings and theoretical insights have been instrumental in creating the new and rapidly expanding field of behavioral economics.”

But when it comes to the stock market, he’s just as confused as anybody.

‘We seem to be living in the riskiest moment of our lives, and yet the stock market seems to be napping. I admit to not understanding it.’

That’s what the University of Chicago professor told Bloomberg TV in an interview on Tuesday when asked about the low volatility and continued investor optimism.